As a reminder, on the 18th of September 2015, the Ministry of Energy, Commerce, Industry and Tourism issued the invitation for the submission of  Expression of Interest for the selection of the single licensee for the Integrated Casino Resort. (for the complete announcement, click here.) Following the announcement, the Ministry received a number of clarification requests. In reply, on the 8th of October, a Q&A document was published. Below you shall find answers to some chosen questions:

“It is understood that the exclusivity period of 15 years relate to casino gaming. Nevertheless we would have preferred this to include all forms of gambling including, inter alia, Electronic Bingo Machines, Limited Payout Machines and online gambling. Could this be considered?”

“Online gaming is illegal in Cyprus and there is no expectation that this will change.The current Law does not and will not seek to address online gaming.
Gaming machines can only be legally operated within a casino, licensed by the Commission. Other forms of gambling are addressed by the relevant Laws in the Republic of Cyprus”

“In light of the recent historic developments in the reunification efforts, has the Steering Committee considered how the exclusivity period would be affected if and when Cyprus reunifies?”

“The reunification of the island would be a boost to the Republic of Cyprus, in all respects and open new markets for the Cyprus casino gaming sector. Article100
of the Law provides the flexibility for the parties, in mutual agreement, to put in place adjustment or amendment should reunification create unforeseen issues.The exclusivity would otherwise remain in place on the same basis as it is currently provided.”

“How will the taxable revenue be controlled?”

“The Commission will monitor the reporting of Gross Gaming revenue and collection of associated taxes.”

“What taxes will be imposed on casino operators?”

“Operators will be subject to all applicable taxes payable in the course of their business activities and must comply with EU and Cypriot law.”

“Will player winnings be taxed?”

“Player winnings from casino gaming under the proposed ICR license and other forms of legal gambling in the Republic of Cyprus are not subject to income tax, with
the exception of player winnings of €5,000 or greater from OPAP Games.”

If you require any further information, you can get in touch with our team.

Source: Q&A document – published on the 08.10.2015 by the Ministry of Energy, Commerce, Industry & Finance